Apart from compliance with internal policies and procedures, the Board of Directors performs an annual self-assessment exercise to assess their individual and collective performance as well as their co-directors’ and management’s. The self-assessment exercise, through a self-assessment questionnaire, is given to each director to ensure the effectiveness of their governance, to reflect on the performance of top management including the President and Chief Executive Officer (CEO), to highlight specific strengths, and to identify areas of improvement. It also provides a venue for the Board members to identify priorities for the Board and the company for the succeeding year. The assessment is comprised of the appraisal of the Board, individual directors, different Board Committees, Management, and Chairman of the Board.
Our Board of Directors, together with the management, fully understand that the corporate governance proactive culture begins with leaders of the company.
The questionnaire covers a thorough evaluation criteria focused on the structure, efficiency, and effectiveness of the Board; the participation and engagement of each member; the contribution of each member to their respective Committees; and as well as the performance of Management and the Chairman of the Board. The criteria also reflect the specific duties, responsibilities, and accountabilities of each Board member assessed in line with Globe’s By-Laws, Manual of Corporate Governance, Charters, and governing policies.